What is wrapped-DGLD (wDGLD)?

 

Last year we partnered with Coinshares to launch DGLD, a digital asset representing allocated physical gold stored in a Swiss vault. A common request from avid investors was more ways to get access and use DGLD, and to give users the option to store DGLD wherever they store their other crypto.

We’re excited to grow that partnership with Coinshares to support the launch of wrapped-DGLD (wDGLD), an ERC-20 token that is pegged 1:1 with Gold. It combines the appeal of a gold-backed asset like DGLD — available for trading on the Blockchain.com Exchange — with the accessibility and flexibility of an ERC-20 token which you can use right here in the Blockchain.com Wallet or anywhere on the Ethereum Network. 

With more and more crossover between gold investors and crypto investors, we’re pleased to provide the opportunity to trade or hold truly-digital gold in new and exciting ways. wDGLD is available to trade on the Blockchain.com Exchange and available for sending, receiving, storing, buying, selling and swapping in the Blockchain.com Wallet on web and mobile. Make sure to update to the latest version of the app to take full advantage of this feature.

For reference, what is DGLD? How does it work?

DGLD is a digital asset representing allocated physical gold stored in a Swiss vault, and tokenized with a side-chain built on the Bitcoin network. In doing so, we’re empowering convenient, 24/7 purchasing of gold, with the independence of physical gold ownership.

Each DGLD token is the digital equivalent of 1/10th of a troy ounce of gold, vaulted in Switzerland. Before a new token is created, gold is allocated and placed in the vault. Then, a DGLD representing that specific gold is created and sent to a DGLD wallet. This simple approach unleashes physical gold and renders it both digitally usable and physically redeemable.

How is DGLD Wrapped? 

Wrapped-DGLD (wDGLD) is an ERC-20 token that lives on the Ethereum network that represents a unit of DGLD. It lives as a smart contract on the Ethereum network where all its transactions are auditable and public. You can now send and receive wDGLD in your Blockchain.com Wallet, as well as buy, sell or swap wDGLD against any other supported asset. Being an ERC-20 token, a small amount of ETH is require to send wDGLD. You can learn more about this here.

Was this article helpful?
4 out of 4 found this helpful
Have more questions? Submit a request

Comments

Article is closed for comments.